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  "documentTitle": "Elliott Management | Activist Presentation Deck | 39 slides",
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  "authorName": "Elliott Management",
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  "presentationDate": "2017-04-01 00:00:00",
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  "notes": "This is a classic activist argument for divestiture/spinoff based on lack of conglomerate synergy.",
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      "text": "The lack of synergies is in our view driven by: The fact that BHP does not itself operate the majority of its conventional US petroleum assets; The inherent geographical and subject matter limitations on sharing costs.",
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      "text": "On the contrary, we believe that BHP continuing to own certain US petroleum assets is a distraction for management and investors which inhibits shareholder value. A demerger of the US petroleum business will allow management to refocus on BHP’s core first-tier mineral assets.",
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      "text": "1. By revenue and EBITDA contribution",
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      "text": "Lack of synergies between BHP’s US petroleum assets and its mineral assets",
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